No Guts, No Glory

In order to participate in today's advance one had to either buy into yesterday's despair or buy into a big gap up, in a time when gap ups have been failing. Neither was easy. The market for the past few months has been a  no guts, no glory market.

8 comments:

Shubh Desai said...

No Guts, No Glory I like your title. And it is so true this year. I think 2012 will be different. I think 2012 will be diff. from any time in history because so many experts been coming out and predicting and linking 2012 to past markets of 30's, 60's, 70's, 2008, and even 2001 to 2003 period. Diff. Experts are predicting and comparing next year with above historical time. I think next year will be just diff. and surprising to most of us.

Dirigi said...

Very nice call, Tsachy, as usual.
What do you think happens now ?
Do we have fuel for a significant santa rally ?

Thanks

Tsachy Mishal said...

I think so but its a lot tougher call when we are already up 3% from yesterday.

Shubh Desai said...

Hi Tsachy,
You have any opinion on MLPs? They been doing good lately. I picked up NRP today. I been collecting 5% of my portfolio with MLP and 5% with mREITs. I am new to both, but they offer good dividend.

Tsachy Mishal said...

Im sorry but I don't follow MLPs

supi said...

There was 1 big difference yesterday compared to the other days. Downward trend line break in intraday charts which was missing earlier days. So it was an easy gap up buy day.

Tsachy Mishal said...

I think the oversold reading was very pivotal. All the other attempts did not have that tailwind.

supi said...

there are various metrics to gauge oversold/overbot. the ones i use had more room to get oversold so for me was not the gauge to go long. just the change of character of price action on intraday charts within the big triangle we are in on longer timeframes.